SAND Technical Analysis: Overnight Buying Spree Crosses $1.50

Key technical points:

Past Performance of SAND

The prior trend in SAND displays a decline within a bearish expanding channel, accounting for a drop of 65% in the last month. This bearish period broke beneath the critical mark of $1.50 before gaining the support level of $1. At this point, the real rebound began when buyers gradually took over the trend control, with the double bottom breakout that outgrew the consolidation period.

Source- Tradingview

SAND Technical Analysis 

A high-energy consolidation rally SAND is a challenge to the falling trendline of the expanding bearish channel. This helps buyers reclaim the $1.50 mark and increases the likelihood of uptrend continuation.

The bullish crossover of the DMI indicator and the drop in the ADX line indicate a decline in bearish momentum resulting in a trend reversal. Hence, with the new trend in motion, we can shortly see a rise in the ADX line representing the rise in bullish momentum.

 The choppiness of the Vortex indicator separates points away from the bullish signal. However, positive alignments throughout the day will strengthen the bullish scenario.

Additionally, MACD shows a steady rising trend on both the slow and fast lines, indicating a new phase of a buy-and-sell spree.

In short, The highly bullish market conditions will boost the value of SAND by over $2 by the end of this week.

However, buyers should consider possible reverse to test the breakout.

Upcoming Trend

If the consolidation breakout rally surpasses the resistance trendline, unleashing the trapped bullish momentum and potentially reaching the $2 mark. However, a jump in trading volume is necessary to support the bullish journey. 

Resistance Levels: $1.50 and $2

Support Levels: $1 and $0.68